Brian Cowen (Laois-Offaly, Fianna Fail)

The guarantee period expires tonight. On the recommendation of the Governor of the Central Bank we want to renew that guarantee. We are seeking to put it forward for renewal tonight as it must be confirmed tonight. Attracting funding remains difficult for banks, not least in light of stress on sovereign debt markets. The Governor of the Central Bank has recommended extension of the eligible liabilities guarantee scheme to 31 December 2010.

I say again to those who suggest it was an option to allow this bank to go — as people are suggesting now in retrospect — to look to the conclusions of the report confirming its systemic nature, the impact that would have had on the economy generally and on the banking system generally. Every Government——

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